Capital as a layer cake: A systems approach to capital and its multi-level structure

Austrian Economics and Organizational Entrepreneurship: A Typology

“…In their historical analysis of the San Francisco Bay area hospital industry, the authors found that during the 1960s this industry was characterized by incremental, or continuous, change resulting in the homogenization of the industry. Other works that fall within the equilibration perspective include Shane (Shane 2000(Shane , 2012, Shane and Venkataraman (2000), Dew, Velamuri, and Venkataraman (2004), McMullen and Shepherd (2006), Kor, Mahoney, and Michael (2007), Loasby (2007), Harper and Endres (2010), and Valliere (2013).…”

“…In disequilibration, change in the market process has a continuous nature. For instance, Lachmann is known for advocating disequilibrium processes in a world of continuous change and reorganization (Harper and Endres 2010;Lachmann 1956). 5 In punctuated disequilibrium, market 5 Lachmann acknowledged the operation of both equilibrating and disequilibrating forces in market processes (see, e.g., Lachmann 1986).…”

The anatomy of emergence, with a focus upon capital formation

“…"There is nothing in our ordinary notions of mental phenomena and physical reality that excludes cases of the former from being instances of the latter" (Searle, 2002, p. 83). 3 Indeed, elsewhere we have emphasized that emergent capital patterns depend upon the mental activity of human beings (Harper and Endres, 2010). All capital is predicated on a valuing mind that can make causal links between things in time.…”

“…Without connections that create and maintain economic organization, there are no systems of capital resources. These connections make systems of capital much more cohesive and integrated than mere capital aggregates (Harper and Endres, 2010). Connections linking capital resources at each level are stronger within the system boundary than across or outside it.…”

“…the collection of internal and external connections). To explain diachronic emergence of a particular capital pattern, we also need to identify the particular historical process of assembly that built the structure-that forged connections between capital goods or combinations and brought about the formation of the ordered whole (Harper and Endres, 2010).…”